Business

Recto: EO 12 tariff coverage expansion to create more green jobs

Recto: EO 12 tariff coverage expansion to create more green jobs

May 22, 2024, 3:30 pm

MANILA – The expansion of the electric vehicle incentive program under Executive Order 12 will further enhance the ease of doing business, promote more sustainable investments, and generate more jobs in the area of green technology, Finance Secretary Ralph Recto said. “This strategic move puts… Read More

PH firm gets USTDA grant for connectivity project’s feasibility study

PH firm gets USTDA grant for connectivity project’s feasibility study

May 22, 2024, 12:56 pm

MANILA – Filipino company Responsible Internet Sustainability Effort, Inc. (RISE) has received a grant from the United States Trade and Development Agency (USTDA) for its feasibility study to improve internet services in the country, especially in underserved communities. USTDA Director Enoh… Read More

PH, US, Japan discuss priority sectors in Luzon corridor

PH, US, Japan discuss priority sectors in Luzon corridor

May 22, 2024, 12:48 pm

MANILA – The Philippines, United States, and Japan have started discussing the sectors they would prioritize for the Luzon Economic Corridor, the US State Department said in a statement Wednesday (Manila time). The US State Department said the discussion happened at the inaugural meeting of the… Read More

US gov’t aid possible for Luzon Economic Corridor feasibility study

US gov’t aid possible for Luzon Economic Corridor feasibility study

May 21, 2024, 8:14 pm

MANILA – The United States government could extend its assistance to the Philippines in doing the feasibility study for the Luzon Economic Corridor, officials from both governments said on Tuesday. On the sidelines of the 6th Indo-Pacific Business Forum in Taguig City, Department of Trade and… Read More

Weaker peso drags local bourse

Weaker peso drags local bourse

May 21, 2024, 6:22 pm

MANILA – The Philippine peso on Tuesday further depreciated to the 58-level, slashing gains of local shares during the previous day’s trading. The Philippine Stock Exchange index (PSEi) ended lower by 0.74 percent at 6,633.66, while All Shares declined by 0.36 percent to 3,535.77. Philstock… Read More

PLDT firm on Sept dialogue with workers’ union despite strike threat

PLDT firm on Sept dialogue with workers’ union despite strike threat

May 21, 2024, 5:52 pm

MANILA – Telecommunications giant PLDT Inc. will not sit down with its workers union, Manggagawa sa Komunikasyon ng Pilipinas (MKP), until September despite the threat of a strike. In a statement on Tuesday, PLDT said its management is “willing and able to negotiate” with MKP at the right… Read More

BTr partially awards Treasury bonds

BTr partially awards Treasury bonds

May 21, 2024, 5:41 pm

MANILA – The Bureau of the Treasury (BTr) partially awarded the new 20-year Treasury bonds during Tuesday's auction. The coupon rate was set at 6.875 percent, higher than the comparative Bloomberg Valuation Service rate at 6.672 percent. The auction was 1.3 times oversubscribed as total… Read More

PH, Brunei chambers of commerce to forge partnership

PH, Brunei chambers of commerce to forge partnership

May 21, 2024, 3:58 pm

MANILA – The Philippine Chamber of Commerce and Industry (PCCI) will sign a memorandum of understanding (MOU) with its counterpart in Brunei Darussalam to strengthen business-to-business partnership between the two countries. In an interview Monday, PCCI president Enunina Mangio said they will… Read More

BSP: Dollar strengthens after Fed signals delay in rate cut

BSP: Dollar strengthens after Fed signals delay in rate cut

May 21, 2024, 3:30 pm

MANILA – Bangko Sentral ng Pilipinas (BSP) Governor Eli Remolona Jr. said the dollar strengthened following the Federal Reserve's statement to delay easing of interest rates. Remolona made the statement after the peso further depreciated and breached the 58 to a dollar level on Tuesday morning's… Read More

US picks Manila as HQ for civil nuclear working group for SEA

US picks Manila as HQ for civil nuclear working group for SEA

May 21, 2024, 2:22 pm

MANILA  – The United States has chosen Manila as its Southeast Asian headquarters for the US Civil Nuclear Industry Working Group, State Department Assistant Secretary for Bureau of East Asian and Pacific Affairs Daniel Kritenbrink announced here Tuesday. On the sidelines of the 6th… Read More

PH posts $639-M deficit in April

PH posts $639-M deficit in April

May 21, 2024, 9:31 am

MANILA – The Philippines posted a USD639-million balance of payments (BOP) deficit in April this year, the Bangko Sentral ng Pilipinas (BSP) has said. Data released by the BSP late Monday showed that the BOP deficit during the year was higher than the USD148 million deficit recorded in April… Read More

Budget hotel eyes P2-B PH expansion in next 5 years

Budget hotel eyes P2-B PH expansion in next 5 years

May 21, 2024, 9:04 am

MANILA – Budget hotel Red Planet Hotels is eyeing to add at least four hotels in the next five years, spending an average of PHP500 million each or around PHP2 billion. Red Planet Hotels chief executive officer Florent Humeau said the company aims to expand in the Philippines through the… Read More

PSEi tracks Asian indices; peso weakens

PSEi tracks Asian indices; peso weakens

May 20, 2024, 9:00 pm

MANILA – The local index tracked the performance of regional bourses at the start of the week while the Philippine peso depreciated. The Philippine Stock Exchange index (PSEi) gained on Monday, increasing by 0.97 percent to 6,682.78 points, with All Shares also higher by 0.70 percent to 3,548.70… Read More

Economic growth target achievable –DOF exec

Economic growth target achievable –DOF exec

May 20, 2024, 8:41 pm

BAGUIO CITY – The government's economic growth target is achievable this year, a Department of Finance (DOF) official said over the weekend. "I think for the government, our target is 6 to 7 percent. It looks still very achievable," DOF chief economist Domini Velasquez said during a business… Read More

Higher biodiesel blend to start in October: DOE

Higher biodiesel blend to start in October: DOE

May 20, 2024, 7:51 pm

MANILA – The Department of Energy (DOE) announced Monday the downstream oil industry players will increase their biodiesel mix by October this year. Under Department Circular 2024-05-0014, the required coco methyl ester (CME) blend by Oct. 1 for all diesel fuel sold across the country will be at… Read More

BOI OKs P2-B dairy products, plant-based beverage maker

BOI OKs P2-B dairy products, plant-based beverage maker

May 20, 2024, 7:48 pm

MANILA – The Board of Investments (BOI) has approved the PHP2-billion project of Metro Pacific Dairy Farms, Inc. (MPDF) for an integrated dairy farm and processing facility in Bay, Laguna. The BOI said in a statement Monday that the facility will produce high-quality dairy and plant-based… Read More

DOF: Gov't sticking to revenue targets

DOF: Gov't sticking to revenue targets

May 20, 2024, 5:50 pm

MANILA – The Department of Finance (DOF) said the government is sticking to its revenue target for this year but no new inflation-inducing tax measures will be introduced. "We're keeping the targets. [We] will make [a] review [by] end of June," Finance Secretary Ralph Recto told reporters in a… Read More

BTr fully awards Treasury bills

BTr fully awards Treasury bills

May 20, 2024, 5:45 pm

MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.712 percent, 5.864 percent, and 6.007 percent, respectively - all lower than previous auction and secondary market benchmark rates.… Read More

Mixed oil price adjustments on Tuesday

Mixed oil price adjustments on Tuesday

May 20, 2024, 5:43 pm

MANILA – Starting Tuesday, motorists will see mixed price adjustments on fuel prices while consumers can expect higher kerosene prices starting in the morning of the same day. In separate advisories, Caltex, Cleanfuel, Jetti, Petro Gazz, PTT, Seaoil, and Shell said they would cut gasoline prices… Read More

DTI vows to intensify price monitoring as PH braces for La Niña

DTI vows to intensify price monitoring as PH braces for La Niña

May 20, 2024, 4:12 pm

MANILA – The Department of Trade and Industry (DTI) vowed on Monday to bolster its price monitoring activities nationwide to protect consumers from price manipulation and exploitation as the country braces for La Niña. “DTI’s commitment to diligent nationwide price monitoring remains… Read More